How can you avoid probate?
There are several ways you can potentially avoid probate with a deed, depending on your specific circumstances and the laws of your jurisdiction. Here are a few options:
Joint Tenancy with Right of Survivorship (JTWROS): If you own property with someone else as joint tenants with right of survivorship, then upon the death of one owner, the property automatically passes to the surviving owner(s) without going through probate. This is a common way to avoid probate for real estate held by married couples or other co-owners.
Tenancy by the Entirety (TBE): This is a special form of joint tenancy that is available only to married couples in some states. It provides similar benefits as JTWROS, where the property passes automatically to the surviving spouse without going through probate.
Transfer-on-Death (TOD) or Beneficiary Deed: Some states allow for a transfer-on-death or beneficiary designation to be added to a deed, which designates one or more beneficiaries who will automatically inherit the property upon the owner's death, without the need for probate. This can be done through a TOD or beneficiary deed, depending on the laws of your state.
Revocable Living Trust: Creating a revocable living trust and transferring your real estate into the trust can be an effective way to avoid probate. As the trustee of the trust, you can retain control over the property during your lifetime, and upon your death, the property can pass to the beneficiaries named in the trust without going through probate.
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